Marcus & Millichap is pleased to present the opportunity to acquire the property located at 199 Shepard Avenue in Wheeling, Illinois. The fully-occupied property is partially anchored by JV Repair and JV Global Services (the current owner-user), along with Ready Set Gourmet, GFS Transport, and Aargus Plastics. The subject property consists of approximately 108,236 square feet of specialized industrial space and is situated on 9.52 acres of land. Zoned I-3, the multi-tenant asset features brick construction, six suites, a clear height of 16’-19’, eight dock-high doors, 15 grade-level doors (including 12 drive-in doors), heavy three-phase power up to 2,500 amps, 8,200 square feet of cold storage space, and an EPDM/TPO roof in good connection. With about 4.5 acres of industrial outdoor storage space (IOS) that has direct access to Glenn Avenue, the property provides prime real estate for truck parking and distribution. Situated along a Canadian Pacific rail line, the asset is within four miles of Interstate 294. The property is located about a 20-minute drive from to the Chicago O’Hare International Airport, the nation’s busiest airport by cargo volume.
Under the Class 6B tax incentive program by Cook County, the landlord of the property has benefited from lower property taxes since 2019. For the first 10 years of the program, taxes will be assessed on only 10 percent of the property’s market value as opposed to the standard 25 percent. Starting in year 11, the property will be assessed at 15 percent and then 20 percent in the 12th year. At the start of 2025, the fully occupied property had a weighted average lease term (WALT) of over five years, offering investors a diversified and stabilized cash flow.
Upon the sale of the property, JV Repair and JV Global Services plan to each sign a 10-year leaseback. The two companies provide repair services for the commercial trucking industry. The seller is also the active chief executive officer and former owner of Aargus Plastics, a company that produces high-quality plastic bags for retailers. Prior to marketing the property, the seller negotiated the development of a 14,796-square-foot build-to-suit cold storage facility with Ready Set Gourmet. Set to be developed as a standalone building, the tenant has agreed to a five-year triple-net lease at $24.00 per square foot. As of February 2025, the build-to-suit lease has been executed, with construction to begin in the near future. Under the banner Cold Chain 3PL, Ready Set Gourmet specializes in the storage and shipping of cold perishable goods in metro Chicago and nationwide. The last anchoring tenant, Gordon Food Services (GFS Transport) is the largest family-operated distributor of food in North America.
The subject property is positioned within the high net-worth North Cook submarket, containing a massive 54.3 million square feet of industrial space, occupied mostly by logistics facilities. In 2024, the vacancy rate set a 10-year high of 6.8 percent due to negative absorption and the completion of a 1.2 million-square-foot speculative development. As a result, annual rent growth slowed to a decade’s low of 3.3 percent. However, there were no industrial properties under construction in North Cook at the start of 2025 due in part to a lack of available land. Consequently, rents and vacancies will be dependent upon demand for the foreseeable future (CoStar).
Known as the Greater Chicagoland area, Chicago-Naperville-Elgin is the third largest metro in the nation. The metro houses 9.3 million people, including 2.7 million residents within the city of Chicago. The number of corporate headquarters in Chicago is second only to New York City and is home to 30 Fortune 500 companies. Thanks to eight commercial and passenger rail lines, the Port of Chicago, three international airports, and a vast network of freeways, Chicago is a major distribution and logistics hub. The local economy and workforce are highly diverse, supported largely by distribution, finance, manufacturing, and high-tech industries. As a multicultural city that thrives on the harmony and diversity of its neighborhoods, Chicago boasts 100 neighborhoods, 77 community areas, 50 wards, and eight major league sports teams, including two MLB teams. Chicago is a leader in reforming public schools, enhancing public safety and security initiatives, providing affordable housing in attractive and economically sound communities, ensuring accessibility for all, and fostering, social, economic, and environmental sustainability (Chicago.gov).
BROKER OF RECORD
STEVEN WEINSTOCK
Illinois Broker of Record
One Mid America Plaza, Suite 200
Oakbrook Terrace, IL 60181
Office (630) 570-2200
Steven.Weinstock@MarcusMillichap.com
License: 471.011175
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2025 Marcus & Millichap. All rights reserved. (Activity ID: ZAF0370712)
